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The Weekly News Roundup, ending 10 July 2022 – Lending Woes Continue

By Brian in Chicago on July 10, 2022 • ( 0 )

The CenFi lending platform collapse continues. Celsius is all over the news and it is making its mark with the same impact that LUNA did. Lots of other news on lending platforms, too.

In 2018, we saw the implosion of ICO (Initial Coin Offerings.) In 2022, we’re seeing the implosion of centralized “lending” platforms that we discovered were basically hedge funds. At the same time, legislation that will give definition to tokens and coins are moving through legislative bodies. My personal view is that until that legislation comes to pass, investing in coins/tokens that have central teams that manage the network, code and have done fundraising are vulnerable to regulatory re-definition that can have a serious impact on token economics. Bitcoin is the safe haven.

Be well, Everyone.

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Articles on Medium this week

Articles

Podcasts
The Cost of Crypto Podcast

This Week In Twitter

#BTCHistory pic.twitter.com/qi7HhnNwLc
— Brian of Tiny Crypto (@TinyCryptoBlog) July 5, 2022

"It's inefficient to generate energy far away from where you consume it.

I think second biggest consumer of energy on the planet is line loss. Just the amount of energy that falls off moving it a couple hundred miles."@harry_sudock in convo with @blue_collarbtc
— Mark (@MarkMulvey) July 2, 2022

Recommended Viewing

Reports:

Headlines

Adoption
–OpenNode partners Lemon Cash to give Argentinians access to Bitcoin’s Lightning Network

CBDC (are just Surveillance Tokens)

Company / Product / Project News
–Solana Investor Sues Project Insiders, Claims Network Is ‘Highly Centralized’

CRIMES AND SCAMS

DAO

DeFi and Lending
–Crypto.com CEO Refutes Rumors Of Withdrawal Restrictions
–Celsius Lost $350M of Client Funds From ‘High-Risk’ Levered Trading: Arkham Report
–Celsius Farmed Out Funds to DeFi Degen
–Celsius Network takes affirmative action to stave off bankruptcy
–FTX discarded Celsius deal after reportedly finding $2B missing from its balance sheet
–Celsius Reorganizes Board of Directors Amid Liquidity Issues
–Celsius Lays Off 150 Employees As Withdrawal Freeze Drags: Report
–Another Crypto Lender Confirms Exposure to Three Arrows Capital
–Crypto Lending Platform Vauld Halts Operations Citing Financial Difficulties
–Fresh allegations against Celsius renew calls for EU crypto compensation fund
–Voyager Digital files for bankruptcy
–Contagion Spreads: BlockchainCom Facing $270M Loss on Loans to Three Arrows Capital
–With Litigation Likely, Venture Fund DeFiance Takes Aim at Three Arrows Capital
–AUM in Ethereum-Based Investment Products Crashed 50% in June (Report)
–Nexo begins due diligence to acquire 100% of struggling rival Vauld
–BlockFi confirms it holds 50% of client funds in short-term positions with 10% in collateral
–CoinLoan Reduces Withdrawal Limits but Claims No Exposure to Luna, Celsius, 3AC
–Tether liquidates Celsius position with ‘no losses’ to stablecoin issuer
–U.K. tax authorities seek public consultation on DeFi tax treatment

The unwind we saw happened because multiple layers of rehypothecation began to unwind.
Hopefully, lessons learned. #DeFi #CeFi 3TVL pic.twitter.com/z0Wwxd4SyX
— Brian of Tiny Crypto (@TinyCryptoBlog) July 6, 2022

JUST IN: Celsius Network has paid off another $40.8 million towards its #Bitcoin loan. Their liquidation price has dropped to $2,722.06
— Watcher.Guru (@WatcherGuru) July 5, 2022

Exchanges
–Price of Bitcoin Exchange KuCoin’s KCS Token Tanks Amid Insolvency Rumors

Fundraising and Sponsorships

Gossip
–US Millennials Own More Crypto Than Mutual Funds: Survey
–Prince of Serbia claims unnamed Arab nation on the verge of adopting Bitcoin
–Bitcoin faces Mt. Gox ‘black swan’ as trustee prepares to unlock 150K BTC
–Almost a quarter of US investors used loans to buy crypto
–The New York Times’ Latest Attack On El Salvador And BTC Won’t Age Well, Pt. 2

Implementation and Infrastructure

Metaverse / Web3

Mining
–Bitcoin Mining Loaner Program Helps Teach Users – Bitcoin Magazine
–GPU Prices Decline 57% Since Jan As Ethereum Mining Profits Go Down
–Compass Mining Searches for Direction After Top Execs Resign
–Blockchain Miner HIVE Receives Letter of Deficiency from Nasdaq
–Argo Blockchain Sold More BTC Than What it Mined in June

Nation States (and other political jurisdictions)
–Virginia Retirement Systems Invest in VanEck’s Crypto Lending Fund

NFTs
–Reddit’s New NFT Marketplace Opens the Door for Avatar Sales, Trading
–CryptoSlam data shows average NFT sell price down 94% from YTD daily high
–OpenSea Blacklisted $27M Worth of NFTs, Including BAYC and MAYC: Report [it’s a centralized platform. Know your risks]

Regulation, Legislation & Legal Matters
–US Regulators Release First of Many Reports on Crypto Following Exec Order
–Indian Crypto Trading Volumes Plunge as New Tax Rules Kick In

Stablecoins
–Fed conference hears stablecoins may boost USD as global reserve currency

Taxation

The Wall Street
KEEP AN EYE ON THIS –> https://bitcointreasuries.net/
…AND THIS –> https://www.buybitcoinworldwide.com/treasuries/